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2 years ago

"record revenue when goods or services are provided to customers" is the definition of which principle in accounting?

1 answer:

6 0

Revenue Recognition is one of the principles of accounting which explain the conditions for recognition of a Revenue. According to this principle, a business should record the revenue when the goods or services are provided to customers. The principal further explains that the revenue should be measurable in terms of money and the collection of revenue should be done or it should be receivable.

Hence we can say that "record revenue when goods or services are provided to customers" is the definition of <u>Revenue Recognition</u> principle in accounting.

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During 2018, the balboa software company incurred development costs of $2,000,000 related to a new software project. of this amo

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5000000 totally cost

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2 years ago

A company is concerned about the number of customers that have to wait for service in their customer service department. Assume

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Answer:

E) None of these

Explanation:

Calculation to determine which of the following is the mean time between arrivals

Using this formula

Mean time between arrivals = 1/Arrival rate

Let plug in the formula

Mean time between arrivals= 1/12

Mean time between arrivals= 0.0833 hours or 5 minutes

Therefore the Mean time between arrivals will be 0.0833 hours or 5 minutes

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3 years ago

The following selected account balances appeared on the financial statements of Washington Company:

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Answer:

The net Cash collections from customers were $85683.

Explanation:

The direct method for calculating net cash flow involves deducting from cash sales only operating expenses that needed cash.

Cash collections from customers by Washington company are:

Accounts Receivable, January 1 + Sales - Accounts Receivable, December 31

=$16,099 + $76,821 - $7,237

=$92,920-$7,237

=$85683

The net Cash collections from customers were $85683.

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2 years ago

A can be cut from chickens, pheasants,

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Can you give a better explanation

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3 years ago

The purpose of making closing entries is to: Select one: a. Reset the temporary accounts and update retained earnings. b. Enable

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Answer:

A. Reset the temporary accounts and update retained earnings.

Explanation:

This is a performed by an organisation in form of transferring data of financial values from temporary accounts and its is been moved to the permanent account. Amidst these, the temporary account is said to balanced in such a way to be zero; because when not done so, the remaining data from the temporary account will be moved to the permanent account.

Process involved in this includes: Closing summaries that belong to income accounts and move to income summary. Also all expense accounts to income summary.

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2 years ago